Howard C. Kunreuther

Insurance and Behavioral Economics (eBook, PDF)

Improving Decisions in the Most Misunderstood Industry

• Format: PDF

Produktbeschreibung

This book examines the behavior of individuals at risk and insurance industry decision makers involved in selling, buying and regulation. It compares their actions to those predicted by benchmark models of choice derived from classical economic theory. Where actual choices stray from predictions, the behavior is considered to be anomalous. Howard C. Kunreuther, Mark Pauly and Stacey McMorrow attempt to understand why these anomalies occur, in many cases using insights from behavioral economics. The authors then consider if and how such behavioral anomalies could be modified to improve individual and social welfare. This book describes situations in which both public policy and the insurance industry's collective posture need to change. This may require incentives, rules and institutions to help reduce both inefficient and anomalous behavior, thereby encouraging behavior that will improve individual and social welfare.

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Produktdetails

• Verlag: Cambridge University Press
• Erscheinungstermin: 28. Januar 2013
• Englisch
• ISBN-13: 9781139602976
• Artikelnr.: 53013465

Autorenporträt

Howard Kunreuther is the James G. Dinan Professor of Decision Sciences and Business and Public Policy at the Wharton School, University of Pennsylvania and co-director of the Wharton Risk Management and Decision Processes Center. He has a long-standing interest in ways that society can better manage low-probability, high-consequence events. Dr Kunreuther is a member of the World Economic Forum's Global Agenda Council on Insurance and Asset Management for 2011-12 and in 2009-10 served as co-chair of the Forum's Global Agenda Council on Leadership and Innovation for Reducing Risks from Natural Disasters. He is a Fellow of the American Association for the Advancement of Science and a Distinguished Fellow of the Society for Risk Analysis, which honored him with a Distinguished Achievement Award in 2001. Dr Kunreuther also received the 2015 Shin Research Excellence Award from the Geneva Association and the International Insurance Society (IIS), in recognition of his work on the role of public-private partnerships in mitigating and managing risks.

Inhaltsangabe

1. Purposes of this book
2. An introduction to insurance in practice and theory
3. Anomalies and rumors of anomalies
4. Behavior consistent with benchmark models
5. Real world complications
6. Why people do or do not demand insurance
7. Demand anomalies
8. Descriptive models of insurance supply
9. Anomalies on the supply side
10. Design principles for insurance
11. Strategies for dealing with insurance-related anomalies
12. Innovations in insurance markets through multi-year contracts
13. Publicly provided social insurance.

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1. Purposes of this book; 2. An introduction to insurance in practice and theory; 3. Anomalies and rumors of anomalies; 4. Behavior consistent with benchmark models; 5. Real world complications; 6. Why people do or do not demand insurance; 7. Demand anomalies; 8. Descriptive models of insurance supply; 9. Anomalies on the supply side; 10. Design principles for insurance; 11. Strategies for dealing with insurance-related anomalies; 12. Innovations in insurance markets through multi-year contracts; 13. Publicly provided social insurance.

Rezensionen

'For too many people insurance is a mystery not worth solving. The authors of Insurance and Behavioral Economics shed valuable light on insurance products and providers in an insightful examination for the benefit of consumers, analysts, and students of the business. Even the industry would be wise to study the authors' research, conclusions, and recommendations.' Franklin Nutter, President, Reinsurance Association of America